Shares in Peloton Interactive fell on their first day of trading in New York on Sept. 26.
The company, which makes technology-enabled exercise bikes and treadmills, priced its initial public offering a day earlier at $29 per share, the top of its indicated range, giving it a market capitalization of $8.1 billion. By 3 p.m. in New York, the stock was down 13% at $25.11. Peloton has two classes of shares. Class B shares, which have 20 votes each, are held mostly by executives, directors and large pre-IPO investors. The offering consists of Class A shares, which have just one vote each.
The company made $915 million in revenue for the financial year ended June 30, more than twice its sales the year before. Its operating loss of $202 million was roughly quadruple that of a year earlier.
ReutersBiz johnsfoley But I recall the pros of Peleton that profgalloway mentioned in a not so long ago Pivot pod with karaswisher. His 6 minutes ago hottake prognosis has changed dramatically. What happened?
johnsfoley It’s a stationary bike company
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